Hi,

In principle yes, as a 700 on 12 cells draws an average of 25 Ah on a 8 minute run.
Getting out of the hole requires a much higher current (up to twice as much, depending on the prop) and that's where you might run into trouble, when the (thermal) overload protection kicks in.(see specs)

Having said that, I've run a 12 cell setup with a 700 motor, 45mm K-series Graupner prop for years on a Jeti 350 ESC(35 Ah continuous), in competition without any problems, but the occasional thermal shutdown when I had to get on the plane again after a flip.

I solved that issue by watercooling the ESC with a flat square piece of brass tubing, pushed under the shrinktube, over the heatsink where the fets are located.
Never had any problems.

Regards, Jan.